A North Carolina multi-member LLC operating agreement is a legal document that codifies an agreement between multiple owners of a limited liability corporation. The agreement outlines such matters as:
- Where the company will reside;
- Who contributed what;
- Who owns which interests;
- How interests can be transferred;
- How profits and losses will be allocated;
- How accounting will be managed;
- The process for the company’s dissolution;
- and more.
Each owner should retain a copy of the agreement.